AMC Entertainment reported Q3 2024 revenues of $1.35 billion, down 4.1% from $1.41 billion in Q3 2023, as total attendance declined 11.5% to 65.1 million patrons. The company posted a net loss of $20.7 million compared to net earnings of $12.3 million in the prior year period. Food and beverage revenue increased 1.6% to $490.4 million despite lower attendance, driven by a 14.8% increase in per-patron spending to $7.53.Operating costs decreased 2.3% to $1.28 billion, with film exhibition costs down 4.3% to $381.4 million. The company recorded other income of $22.8 million, including a $73.5 million gain from decrease in derivative liability fair value and $21.5 million in foreign currency gains, partially offset by debt extinguishment losses. Interest expense increased to $119.6 million from $103.7 million last year due to higher borrowing costs.As of September 30, 2024, AMC had cash and cash equivalents...Show More

AMC Entertainment reported Q3 2024 revenues of $1.35 billion, down 4.1% from $1.41 billion in Q3 2023, as total attendance declined 11.5% to 65.1 million patrons. The company posted a net loss of $20.7 million compared to net earnings of $12.3 million in the prior year period. Food and beverage revenue increased 1.6% to $490.4 million despite lower attendance, driven by a 14.8% increase in per-patron spending to $7.53.Operating costs decreased 2.3% to $1.28 billion, with film exhibition costs down 4.3% to $381.4 million. The company recorded other income of $22.8 million, including a $73.5 million gain from decrease in derivative liability fair value and $21.5 million in foreign currency gains, partially offset by debt extinguishment losses. Interest expense increased to $119.6 million from $103.7 million last year due to higher borrowing costs.As of September 30, 2024, AMC had cash and cash equivalents of $527.4 million. The company completed major refinancing transactions in Q3, extending maturities on approximately $1.6 billion of debt to 2029 and 2030. Management noted that current cash burn rates are not sustainable long-term and revenues need to increase to pre-COVID levels for positive cash flows, as North American box office remains down 25% compared to 2019.